Proper List Pricing

What would an upward or lower price adjustment look like based on the current market CMA?  Well, let’s look at an example.  Let’s say that the CMA of previously and recently sold similar homes shows that the listing price should be around $235,000.  However, those sales were between one month and three months old.  Our current market listing CMA shows that similar homes in the neighborhood are listed at $249,000 or thereabouts. You and I may decide that the market is improving and justifies raising the listing price of your home to $245,000 so that it’s still competitive but a better deal for you.  Of course, this can work the other way as well.
 
A proper list price that reflects current and realistic market conditions is critical to getting your Greater Vancouver property sold quickly. I don’t want you to under–price, but it’s worse to over–price in any market. Buyers discount value by DOM, Days On Market. The longer a home stays on the market, the greater they’ll discount their offers. So, a realistic list price is how I make sure your property sells without languishing on the market.
 
How do I come up with a suggested list price that reflects your home’s competitive position? It’s a combination of services and experience, and I'm going to be very careful and detailed in my analysis and market evaluations to make sure that you don’t leave money on the table or sit around wondering why you aren’t getting offers.
 
My evaluation of how your property compares to the current competition is the first step. Then we may suggest some worthwhile corrections you can make to improve that position. Once I know what your home will look like when listed, I’ll go into our thorough CMA, Comparative Market Analysis, process.

CMA of Sold Properties 
First I select comparable properties out of those sold recently and in the neighborhood or nearby. These “comparables” or “comps” are selected based on similarity in features, location and characteristics with your home. They must have been sold as recently as possible so the sold prices are of maximum value.

I then do a through “adjustment” process to adjust their sold prices for any differences with your property. If a home has one more bedroom than yours, I would adjust that property’s sold price downward for the value of one bedroom to make the comparison “apples to apples.” I make adjustments for garages, bathrooms and other major features to bring our comps to closely compare with your home. Then I use those sold prices to arrive at a preliminary listing price for your home.

I say “preliminary” because I have another CMA step.

CMA of Current Listings 
Now I get more comps, but instead they’re properties currently listed and your competition. I go through the same adjustment process, and I come up with another, possibly higher or lower, price suggestion for your home. This second CMA gives me more up–to–date information about the market which could cause us to lower or raise our preliminary list price to adjust to the current market. Using the two CMA results and an experienced analysis of your home’s position in the marketplace, we can set a listing price that will get the job done.

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Success Stories
  • "My husband Paul and I drove around with Ben for about 4 months before we found the house we couldn't walk away from. We saw several nice ones in between that time, and saw a few more when we were looking on our own for a couple of months but with Bens' assistance, we were able to narrow teh field and find our home. The incredible thing for me was that we saw this house as a brand new listing and within a week, we had everything finalized. More amazing than that, is that Ben pulled the same success for us when selling our house-- only we had 3 offers presented the day after our first showing, and we not only got more than we asked for, we got more than than the people who owned the other half of our duplex and they were trying for 5 months. Ben only had us listed for a week!! This happened last year, prior to the market heating up to teh firestorm its been over the last while, so his track record completely blew me away! Ben is an amazing realor and I'm now extremely proud that I can call him a friend as well."

    Paul and Karen V.
  • "Hi Ben! I just want to thank you for the excellent work you have done in selling my house. I know the real estate market was hot, but you were able to sell my house after one weekend of open house for $17,000 more than my asking price and with multiple back up offers. I am also extremely pleased that the possession date & completion date were blended in such a way that I didn't have to worry about a bridge mortgage. Your suggestions for doing the necessary work on my house were invaluable in maximizing my asking price. Again, I am extremely pleased with your professionalism & your tactful negotiation skill in making the sale of my house go smoothly. I would not hesitate to recommend you to all of my family and friends. Thanks"

    Donna Ho
  • " My Wife & I would like to thank you wery much for your expertise and great help in puting together the purchase of our 2nd condominium. You were very attentive to our concerns when we bought our 1st condo, so we it was a no brainer for us to work with you again."

    Bob and Sharon W.
  • " Thanks again with helping us with the sale of our home. You were very knowledgeable and professional. We especially appreciated the market analysis you provided. It explained much about what we needed to know about preparing a home for sale and assisted us in determining a price. We would not hesitate to work with you again and will recommend you to our family and friends. "

    MArk and Alic B.
  • "We are so pleased with Bens' services!!!! Bens' 19 years of experience was outstanding. Ben investigated the market, provided us with the facts, and discussed with us the unique details that related to us specifically.....As a result, Ben sold our home very quickly and we think thats due to his experience in Pre-Qualifying all prospective buyers and negotiating the best price and terms for us. In Ben we Trust!

    DAve and Lil C.
  • " Just wanted to let you know that we have settled in nicely to the new place. We love it. We also wanted to thank you for everything. You made our first home buying experience a very pleasant one! You were extremely helpful and flexible and we appreciate all the work you did for us. We will certainly recommend you to anyone looking to buy or sell, and when we are ready to do it all again, you will be our first phone call! If you are ever in the neighborhood, please drop by. "

    Doug and Jackie F.
  • " Ben was referred to us by a friend. We chose Ben to sell our Rental Home.We have worked with many realtors over the years and we would highly recommend Ben. He was courteous, returned phone calls promptly and our interests came first. Thanks again Ben."

    Bob and Jean J.
  • "To Whom it may concern, Ben's services were extraordinary. He went beyond the expectations of an agent, very courtious and personable. He is caring and easy to work with. I am very grateful for his kindness, understanding and patience. The process of buying my first condo was stressful but he made it as easy as possible and met my requirements. Even after the sale he made sure I was comfortable wit my purchase, addressing my concerns about the washing machine and garburator, making sure all was in working order. Thanks so much Ben!"

    Caroline P.
  • "Hi Ben, We were selling our first home and Ben guided us through the steps. He is very helpful, informative, professional and prompt. Thanks for selling our first home! He would be our realtor if we chose to buy or sell another home. Thanks Ben"

    Chitose and Van K.
  • "Ben Sold 2 houses for us and Helped us buy a condo. He is a great communicator and diligent about getting the job done. He knows how to work to a style that suits a client. He uses online rexources and is very creative about getting you what you want. We highly recommend him."

    Doug and Della S.
  • This is the 2nd home that my fiancee and I have purchased. Compared to our first experience, this one was a dream. We owe most of that to Ben. Throughout the entire experience, Ben represented our interests without fail and was available for every question or concern no matter what the time of day or how small the issue. We would use Ben again and recommend him to Family and Friends without hesitation. He brings a professional and calm approach to a situation which made us relax during the stressful times. Thanks Ben, We really appreciate your efforts! Sincerely Regan and Tannis

    Regan and Tannis M.
Contact Info
Agent
Ben Catalano

Real Estate Advisor

102 - 403 North Road
Coquitlam  British Columbia V3K 3V9

604-415-9800 604-671-9411 bcatalano@sutton.com

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